Global Governance for Financial Stability and Development

Stephany Griffith-Jones and José Antonio Ocampo

Initiative for Policy Dialogue, 2011

Abstract

The problems of boom-bust patterns of financial markets have a long history (Kindleberger,1982). Its frequency has been high since the 1970s, as a result of both financial liberalization and inadequate prudential regulation. Indeed, the world financial crisis provided further evidence that unless properly regulated, financial markets are prone to harmful boom-bust patterns, often leading to costly crises (Soros, 2008). In contrast, when financial systems have been simpler and better regulated, as in the quarter of a century that followed the Second World War, crises were infrequent.

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